Author: Max Bauer
Federal Reserve Chairman Jerome Powell, in his semiannual Monetary Policy Report to Congress, affirmed the central bank’s commitment to achieving maximum employment and price stability. Addressing the Senate Finance, Housing and Urban Affairs Committee, Powell painted a picture of a strong economy with easing inflation, while acknowledging the need for continued vigilance. Powell noted that the economy has made “significant progress” towards its goals over the past two years. GDP grew by 2.5% in 2024, driven by resilient consumer spending. While investment in equipment and intangibles saw a decline in the fourth quarter, it remained solid for the year overall.…
Cryptocurrency enthusiasts eager for the confirmation of new SEC Chair nominee Paul Atkins, known for his cryptocurrency-friendly stance, will have to wait a little longer. Cryptocurrency journalist Eleanor Terrett recently clarified the reasons behind the delay, addressing the numerous inquiries she’s received on the matter. Terrett explained that the Senate confirmation process involves numerous new administration members, with cabinet members typically prioritized. Currently, nine cabinet member nominations still await Senate votes. Atkins’ confirmation process will involve a hearing before the Senate Banking Committee. A date for this hearing has yet to be set. If his nomination successfully advances out of…
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, continues to underperform Bitcoin and other major digital assets, trapped in a year-long trading range between $2,500 and $4,000. Analysts attribute this stagnation to a surge in short selling by hedge funds, creating a significant headwind for the cryptocurrency. While Bitcoin and altcoins like Solana have reached new all-time highs this year, Ether remains approximately 80% below its November 2021 peak of $4,800. According to market analysis firm The Kobeissi Letter, hedge funds have dramatically increased their bearish bets on Ether. “Short positioning in Ethereum is now up +40% in one week…
A recent Proof of Reserves (PoR) report released by cryptocurrency exchange Binance indicates a substantial reduction in the exchange’s own cryptocurrency holdings. While Binance maintains it continues to hold all user assets in full, the report reveals a significant sell-off of the exchange’s excess reserves. The latest PoR shows a stark contrast to the previous report, with billions of dollars worth of various cryptocurrencies apparently liquidated. Key changes highlighted in the report include: In total, the report suggests that Binance has sold approximately $8 billion out of its previously reported $14 billion in excess cryptocurrency reserves. While Binance assures users…
Despite Bitcoin’s recent price decline, cryptocurrency analytics firm Alphractal reports that the aggregated funding rate across 11 major exchanges remains positive. This indicates a prevailing bullish sentiment among traders, with more betting on price increases (long positions) than decreases (short positions). Funding rates, charged every eight hours, represent payments between long and short position holders. A positive funding rate means longs are paying shorts to maintain their positions, suggesting an expectation of further price appreciation. Conversely, a negative rate indicates shorts are paying longs, reflecting a bearish outlook. Alphractal’s analysis reveals a divergence in sentiment across exchanges. While most platforms…
Binance CEO Changpeng Zhao (CZ) has responded to criticism following the listing of memecoin TST on the exchange. Zhao’s comments aimed to clarify his position on memecoins and address concerns about his alleged involvement in TST’s listing. The controversy began after Zhao discussed TST, prompting speculation about his endorsement. “TST was NOT endorsed by me/us,” Zhao clarified. “It was just a test token used in a video tutorial.” He acknowledged the irony of his clarifications inadvertently fueling the token’s virality. Addressing concerns about a perceived shift away from his emphasis on project fundamentals, Zhao reaffirmed his commitment to them. “I…
While quantum computing is often touted as a potential threat to Bitcoin’s security, Tether CEO Paolo Ardoino believes it’s more likely to unlock lost Bitcoin fortunes, including the estimated 1.1 million Bitcoin held by the cryptocurrency’s enigmatic creator, Satoshi Nakamoto. Ardoino recently suggested that advancements in quantum computing could eventually crack older, inaccessible Bitcoin wallets, reintroducing potentially millions of Bitcoin back into circulation. Although he acknowledges that the technology is “still very far” from posing an immediate threat, he anticipates that Bitcoin will transition to quantum-resistant addresses before the issue becomes critical. Bitcoin’s security currently relies on elliptic curve cryptography,…
Pumpfun, a prominent token launch platform on the Solana blockchain, is reportedly preparing to launch its own token through a public offering using a Dutch auction model. The platform, which has generated approximately $572 million in fees and transferred around $386.8 million to Kraken, is currently collaborating with several centralized exchanges (CEXs) to develop the system for the token sale. The move towards a Dutch auction model aligns with recent industry discussions around innovative token sale mechanisms. Binance co-founder He Yi previously highlighted the potential of Dutch auctions for Initial Exchange Offerings (IEOs) during a recent Ask Me Anything (AMA)…
Cardano founder Charles Hoskinson has revealed ongoing discussions with Ripple executives regarding the potential integration of Cardano’s planned stablecoin, Real USD (RLUSD), with Ripple’s technology. In a recent statement, Hoskinson confirmed talks with both David Schwartz, Ripple’s Chief Technology Officer, and Brad Garlinghouse, the company’s CEO. He indicated a “strong possibility” of a negotiated agreement, but noted that Ripple has advised Cardano to wait until March, following the conclusion of their legal battle with the New York Department of Financial Services (NYDFS). Hoskinson expressed willingness to comply, stating that they will “pick that back up in a month and a…
The Securities and Exchange Commission’s (SEC) reversal of Staff Accounting Bulletin (SAB) 121 has been met with relief by the US cryptocurrency and banking sectors. The now-rescinded guidance had presented a significant obstacle for banks seeking to custody digital assets. According to cryptocurrency journalist Eleanor Terrett, industry insiders and banking professionals viewed SAB 121 as a deliberate attempt by SEC Chair Gary Gensler to restrict traditional banks’ involvement in the cryptocurrency market. This move was perceived as part of a broader Biden administration strategy to curb the industry through stringent regulation. The controversy surrounding SAB 121 extended beyond the crypto…